Nobody wants to contemplate their death, but it is important to take control of your estate plan before it is too late. Estate plans help to maintain your wishes. If you want certain people to get certain assets you can designate them to individuals. Further, estate planning is not just about money. When you are planning your estate, you can list potential guardians for minor children, designate a patient advocate to make medical decision when you are unable too, and appoint a Power of Attorney to act as your agent.
Creating a Trust or a Will can help to quell the internal fighting between children after the death of their parent, because without such documentation regarding the distribution children may succumb to anger over the distribution of assets. Additionally, it can create confusion and headache for heirs if there is no documentation regarding property. Thus, it is important that there is a creation of a Trust or Will that will lay out the distribution of assets for the heirs and the court. A Trust or Will can create a plan of distribution that will ease the tension and help make the distribution of assets easier on those that you will be leaving behind.
Even after a Trust or Will is created it is also important that your Estate Plan remains updated upon the death of a beneficiary, as this will prevent a distribution to unintended beneficiaries. It can also be important when there is a divorce, marriage, or a birth in the family. Reviewing your beneficiary designations every couple of years and after major life changes in your family is important. Further, it is important to update the ownership of your assets just as you would your listed beneficiaries. Remember Estate Planning isn’t scary, it is an important step to easing the tension in your family if something where to happen and you could no longer be there for them.
If you would like to start your Estate Plan or update your current Estate Plan contact Shinners & Cook, P.C. today.